Introduction of New Technology Predicted to Drive the Global Golf Club
Market Through 2020, Says Technavio

May 18, 2016 04:20 PM Eastern Daylight Time

LONDON--(BUSINESS WIRE)--According to the latest market research report by Technavio, the global
golf club marketis expected to surpass annual revenue of
over USD 5 billion by 2020.

In this report, Technavio
covers the present scenario and growth prospects of the global
golf club market for 2016-2020. To arrive at the market size,
Technavio researchers have considered revenues generated from the sale
of the following golf clubs:

Woods

Irons

Wedges

Putters

“Golf equipment manufacturers are making continuous efforts to develop
technologically advanced equipment to attract sports enthusiasts.
Vendors are developing modern, customized golf equipment for motivating
consumers to replace existing equipment with upgraded versions. For
instance, TaylorMade Golf has developed RocketBallz, which is the first
fairway wood that offers a coefficient of restitution of 0.83. This
indicates, when the club head comes in contact with the golf ball, 83%
of the energy is transferred to it,” said Abhay Sinha one of Technavio’s
lead industry analysts for outdoor
gear research.

“Players prefer using golf clubs equipped with latest technologies to
help gain a better understanding of their movements while striking the
ball and monitoring the resultant effect. Through the use of advanced
monitoring mechanisms, players can be sure of high precision while
striking the ball,” added Abhay.

The golf clubs market in North America was valued at USD 2.31 billion in
2015. North America is home to more than 50% of the world’s golf course
suppliers, with the majority of them located in the US. The US and
Canada are the key countries that account for the highest share of the
market in North America. Currently, there are 15,372 golf facilities
operating in the US, while Canada has 2,363 golf facilities, and 90% of
these are open to the public. There are 153 projects under development
in the US, and 37 projects are under development in Canada. Although the
participation rate has remained stable, the number of rounds played has
increased. It is also estimated that the number of new players has
increased, with close to nearly half of the 4 million players that
entered the game in 2014 falling in the beginner category.

Golf clubs market in APAC: second largest region

The golf clubs market in APAC was valued at USD 1.51 billion in 2015.
The market in APAC has been growing steadily because of increased
consumer awareness about golf and growth of the corporate sector in
countries like India and China.

In APAC, Japan, Australia, China, and India are the four key markets for
golf equipment, and it is likely to result in a steady demand for golf
clubs during the forecast period. In 2014, Japan held the second largest
share of the global golf equipment market after the US. The growing
interest in this sport among the youth helps the country retain its spot
as the highest golf revenue contributor in APAC.

China is home to one of the fastest growing golf industries and has 473
facilities. Over the past decade, the country has registered a
considerable increase in market size and recorded the highest CAGR among
APAC countries, with over 9% from 2008-2015. During this period, an
average annual growth rate of over 11% was observed in the number of
golf courses in the country. The development of this market is expected
to give further impetus to vendors for venturing in APAC.

Golf clubs market in Europe

The golf clubs market in Europe was valued at USD 1.05 billion in 2015.
In 2015, Europe contributed 22% to the world’s total golf equipment
supply. Europe has 7,403 golf facilities across 40 countries. Out of the
40 golfing countries in Europe, 30 countries have golf courses under
development. The region has a total of 159 courses under construction or
in the planning stage.

In 2015, Germany, the Netherlands and France exhibited the highest
demand for golf equipment. These countries are popular tourist
destinations, and an increase in the number of golf courses acts as an
added attraction to tourists. The Czech Republic and Poland emerged as
the largest golf markets in Central and Eastern European countries in
2015. Emerging markets of Lithuania, Serbia, and Bulgaria also report
high participation rates. With initiatives like European Tour organized
by golf federations in the region and the junior golf initiatives,
countries like Switzerland, Belgium, and Scotland have also managed to
attract new golfers. These developments are expected to positively
impact the market during the forecast period.

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About Technavio

Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

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